Since the demo isn't available yet; does anyone know if I can export AVCHD directly to .mts or .m2ts files? I might be interested in picking this up for $99 but I cannot demo it yet. Also, what bitrate can I export to?

For example, my .mts files are 1920x1080 24p @ 24 megabit. Would love to export in the same quality.

Lastly, does anyone know if Elements 10 does anything with the subtitles (my camera keeps the time/date stored within the .mts file as a subtitle).

You don't say which operating system you're working on but I've run version 10 on an XP, Mac OSX Lion and Windows7 64-bit and the results are all very good -- with especially improved performance when working with hi-def and AVCHD footage!